A mainstream crypto analyst who has followed Ripple’s long regulatory battle is spotlighting a new way to get XRP exposure: a spot product called the Canary XRP ETF (ticker: XRPC) now trading on Nasdaq.

The video, which Fire Hustle makes clear is a paid advertisement by Canary Capital, argues that putting XRP inside a standard brokerage account could matter more than short‑term price action.

Canary’s XRPC Trust Brings XRP To Brokerage Accounts

XRPC is structured as a trust that holds XRP and issues shares that trade on Nasdaq. Its stated objective, according to the host, is to track the value of XRP “minus the expenses of running the trust,” with a sponsor fee of 0.5% per year.

There is no crypto wallet setup, no private keys, and no need for a crypto exchange account, and the product can be held in tax-advantaged accounts like IRAs where platforms permit it.

She stresses a few structural caveats. XRPC is not a commodity pool and is not registered under the Investment Company Act of 1940, so it does not operate under mutual-fund or traditional ETF rules.

Investors own shares of the trust, not XRP itself, and do not have direct token-holder rights. Shares may trade at a premium or discount to the XRP they represent, and there is no staking or yield component because the XRP Ledger does not use staking in the way Ethereum or Solana do.

Custody of the underlying XRP is split between BitGo Trust Company and Gemini Trust Company, with U.S. Bank handling cash custody and fund administration.

Fire Hustle frames this “boring and established” provider stack as a feature, not a flaw, given the central role of custody risk in crypto products.

XRP’s Institutional Push: Progress & a Built‑In Bear Case

Beyond the product, Fire Hustle leans into XRP’s institutional narrative.

The XRP Ledger, launched in 2012, has now processed over 4 billion transactions, with daily volume recently hitting around 3 million transactions — roughly triple mid‑2024 averages, according to the video.

Ripple reportedly holds more than 75 regulatory licenses globally and hosts about $3.5 billion in tokenized real‑world assets, up from under $1 billion earlier in the year.

The host links this growth to a post‑lawsuit reset. The SEC’s case against Ripple, filed in 2020 and described as resolved in 2025, had been a drag on U.S. institutional adoption. Since then, Ripple has launched its own dollar stablecoin, RLUSD, integrated into institutional payment flows and pilots with major card networks such as Mastercard.

The YouTube episode also cites a $200 million funding arrangement from asset manager Neuberger Berman to expand Ripple’s institutional trading services, and a separate $200 million acquisition agreement for stablecoin payments platform Rail.

Still, she outlines a “genuine bear case” that comes from inside Ripple’s own ecosystem: banks using Ripple’s tech are not required to use XRP, and the rise of RLUSD could push more settlement activity into the stablecoin instead.

Extremely low transaction fees on the XRP Ledger also limit how much value flows back to the asset.

In Fire Hustle’s view, Ripple the company could continue to win while XRP the token captures less value than holders expect — a key risk that also applies to any exposure via XRPC.

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